Oman Oil Company Exploration & Production and Shell Exploration B.V sign Block 42 Heads of Agreement
Apr 26, 2017
Muscat, Oman Oil Company Exploration & Production LLC (“OOCEP”) and Shell Exploration B.V have signed a Heads of Agreement (the “HOA”) to collaborate on Oman Block 42 (the “Block”). The HOA was signed for OOCEP by Isam Bin Saud Al Zadjali, Chief Executive Officer at Oman Oil Company S.A.O.C., and for Shell by Chris Breeze, Shell’s Country Chairman in Oman.
Under this HOA an initial aerial study will be carried out, before potentially undertaking further and more focused activities in the Block.
This cooperation in Block 42 is the first such project between OOCEP and Shell in Oman. The two companies are already partners in the Pearls joint venture in Kazakhstan. Block 42 comprises an area of about 25,600 km2, which could hold hydrocarbon potential in several geological plays.
Commenting on the occasion, Isam bin Saud Al Zadjali, stated “We are pleased to join up with Shell to further assess the exploration potential of Block 42. I see the signing of today’s HOA as creating an important platform with a world-renowned international upstream company like Shell. OOCEP has been very successful in its exploration programs and I trust this success will continue".
Chris Breeze commented: “We are excited by the prospect of Block 42 and are pleased to sign this HOA with OOCEP. We are partners in Kazakhstan and this is first cooperation of its type between Shell and OOCEP in Oman. Shell is proud of its long-term partnership with Oman and I hope this heralds extensive collaboration with OOCEP both in Block 42 and beyond. Shell is committed to helping Oman meet its growing energy demand in economically, environmentally and socially responsible ways.”
About Shell in Oman
Shell is active in Oman across the oil and gas industry and is involved in joint venture and independent activities ranging from research and development, exploration and production to trading and retail. Shell also implements extensive social investment programmes that contribute to the growth and sustainable development of the country.
Oman Oil Company Exploration & Production LLC (“OOCEP”) was established as an Omani upstream oil & gas company and is a subsidiary of Oman Oil Company SAOC (“OOC”). OOCEP’s activities are focused towards upstream and midstream investments in Oman and abroad. Given these segments’ potential for growth, OOCEP continues to search for opportunities where its solutions can unlock value.
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